Abra announces state-chartered crypto bank with fiat on/off ramps

The financial services and crypto trading firm Abra has announced that it will launch a U.S. chartered bank, and will also offer yield on crypto deposited by customers.

First regulated digital asset bank

When launched, the Abra Bank will become the first regulated bank in the U.S to deposit digital assets and provide fiat on/off ramps. The service will be available to U.S. citizens, while another service, called Abra International, will provide the same to customers who live outside of the United States.

According to Abra, the launch of its crypto bank will be based on the tenets of “transparency, oversight, security, and agency”. This means full transparency on all holdings and risk management processes, full regulatory compliance in all jurisdictions, protection of customer funds as a top priority, and the fact that assets will remain fully in the possession of customers.

Abra offerings

Besides Abra Bank and Abra International, a third product is also in the pipeline. Abra Boost will be launched on 3 October 2022, and will enable all qualified investors to earn interest on the crypto assets they deposit.

In the U.S. the yield on crypto assets will only be available to institutional and accredited investors. However, the Abra International offering will provide interest on digital assets to individuals, as well as institutional investors.

Bill Barhydt, CEO of Abra, took to Twitter to elaborate on the Abra offerings:

Abra currently has access to more than 650 different cryptocurrencies and onboarding can take place via credit cards, ApplePay, and Samsung Pay. Its services are available in 35 States in the U.S. and in more than 50 countries worldwide. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.